In 2021, the Ghana lifting equipment market will grow by X% to $X for the first time since 2018, thus ending a two-year downward trend. However, consumption continued to show a sharp downward trend during the period under review. During the period under review, the market hit an all-time high of $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.
After four years of decline, overseas shipments of lifting equipment increased by X% to X units in 2021. But overall, exports continued to show a sharp decline. The growth rate was most pronounced in 2015, with an X% increase over the previous year. During the period under review, exports reached a maximum of X units in 2016; however, from 2017 to 2021, exports failed to regain momentum.
Lifting equipment exports soar to $X in 2021 by value. Overall, exports showed significant growth. The most significant growth rate occurred in 2015, which was an X% increase compared to the previous year. Exports peaked at $X in 2016; however, from 2017 to 2021, exports were at lower levels.
Denmark (X units) is the main destination for Ghanaian hoisting equipment exports, accounting for X% of total exports. In addition, exports of lifting equipment to Denmark exceeded six times that to the second largest destination, the Netherlands (X units).
From 2012 to 2021, the average annual growth rate of freight traffic to Denmark is +X%. In value terms, Denmark ($X) remains the leading foreign market for Ghana's lifting equipment exports, accounting for X% of total exports. In second place is the Netherlands ($X) with X% of total exports.
From 2012 to 2021, the average annual growth in value to Denmark totals +X%.
In 2021, foreign supply of lifting equipment finally picked up, reaching X units for the first time since 2018, ending a two-year downward trend. During the period under review, however, imports fell sharply. The growth rate was most pronounced in 2018, when imports increased by X% year-on-year. During the period under review, imports reached a maximum of X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.
In value terms, imports of hoisting equipment surge to $X in 2021. But overall, imports face a sudden contraction. The growth rate was most pronounced in 2014, with an X% increase. As a result, imports peaked at X dollars. Import growth will remain low between 2015 and 2021.
In 2021, China (X units) is the largest supplier of lifting equipment to Ghana, accounting for X% of total imports. In addition, imports of hoisting equipment from China were twice as high as the number recorded by the second largest supplier, Japan (X units).
From 2012 to 2021, the average annual growth rate of Chinese exports totals +X%. The average annual growth rates of imports for the remaining suppliers are as follows: Japan (+X% per annum) and the United Arab Emirates (+X% per annum).
By value, the largest lifting equipment suppliers to Ghana are Japan ($X), China ($X) and the United Arab Emirates ($X) with X% of total imports. With a CAGR of +X%, Japan saw the highest growth in import value among the major suppliers during the period under review, while procurement from other leaders showed a mixed trend.
The largest suppliers of lifting equipment to Ghana by value are Japan, China and the United Arab Emirates, which together account for 17% of total imports.
Denmark remains the main foreign market for Ghana's hoisting equipment exports by value, accounting for 60% of total exports. In second place is the Netherlands ($729) with 27% of total exports.
The average export price of hoisting equipment in 2021 is US$394/unit, an increase of 15% over the previous year.
The average import price of hoisting equipment in 2021 is US$2,411 per unit, up 1.6% from the previous year.
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